The importance of Group Life, Accidental Death and Dismemberment (AD&D), and Short- and Long-Term Disability benefits is often overlooked by employees — but only until they are needed. Between 15 and 20 insurance carriers offer these policies, and most employees don’t have a preference among carriers. Because of this, Corporate Benefits Consultants compares costs among carriers for these coverages at each renewal to enable you to provide these important employee benefits as cost effectively as possible.
These policies help to protect the financial future of an employee's family in the event of the employee's untimely death or injury. The benefit amounts can be strutured as a flat amount for each employee or, more commonly, as a multiple of the individual employee’s income.
Short-term disability helps to safeguard an employee's financial position in the event of an accident or illness that lasts less than either 90 or 180 days. The benefit is a percentage of an employee's basic weekly earning, and the elimination period can be as little as the first day of an accident or the eighth day of a sickness.
Long-term disability covers a health-related inability to work that lasts longer than either 90 or 180 days. This benefit is a percentage of an employee's monthly earnings and is paid until the employee is able to resume work or reaches age 65.